How do I make a personal super contribution?
If you’d like to grow your super balance, you can make personal contributions to your super directly from your bank account.
How to make a personal contribution to your Future Super account
You can use BPAY to make a payment (or recurring payments) from your bank account.
To find our BPAY biller code and your unique BPAY reference, log in to your Future Super online account and navigate to Contributions > Make a contribution.
Once we receive your contribution, our administrators will allocate it to your account. Please allow 2-10 business days for your contribution to be processed and appear in your transactions.
There are several types of voluntary contributions, including personal, spouse, and Downsizer contributions. To make a spouse or Downsizer contribution, you’ll need to submit a Alternative Contribution Form. Please see the Australian Taxation Office (ATO)’s website for more information on different contribution types.
Annual contribution caps and tax deductions
The Australian Taxation Office (ATO) sets an annual contribution cap (per financial year), and if you go over this cap you may be required to pay additional tax - you can see more information here. For the 2023/2024 financial year, the standard cap amounts are $110,000 for non-concessional contributions, and $27,500 for concessional contributions per financial year.
If you claim a tax deduction for your personal contributions, they become concessional contributions and are effectively from your pre-tax income. They will then be taxed in your fund at a rate of 15%. If you don’t claim a tax deduction for them, they’re non-concessional contributions and are from your after-tax income or savings.
If you wish to claim your personal contributions as a tax deduction, you need to submit a valid Notice of intent to claim or vary a deduction for personal super contributions form (NAT 71121) (or Notice of intent). You can find further instructions about how to make a claim on the ATO website here, and more information on how and when to submit a Notice of intent in our FAQs.
From 22 July 2023, some changes apply.
- Starting from 1 November 2023 we have moved to BPAY only, and no longer accept direct deposit payments for voluntary contributions. We also no longer require a contribution form for personal contributions.
- Our BPAY biller code and bank details were updated on 22 July 2023 - if you have saved our BPAY details in the past, you may need to update the Biller code saved in your bank account. Your individual BPAY reference number remains the same.